Bloomberg - Citi withdrawing from recruitment pact

Citigroup is withdrawing from an industry pact designed to allow financial advisers to change companies without being sued by former employers, further unraveling the accord after Morgan Stanley and UBS Group AG said they would pull out.

“Similar to others in the industry, Citi has decided to exit the protocol,” company spokesman Drew Benson said in an emailed statement. “This decision allows us to continue to invest in our growing team of award-winning financial advisers.”